(1) Even if the necessary majorities have not been achieved, a voting group is deemed to have consented if
1. the members of such a group are likely not to be placed at a disadvantage by the insolvency plan compared with their situation without such plan,
2. the members of such a group participate to a reasonable extent in the economic value devolving to the parties under the plan, and
3. the majority of the voting groups have backed the plan with the necessary majorities.
(2) For the purpose of subsection (1) no. 2, a reasonable participation of a group of creditors exists if, under the plan,
1. no other creditor will receive economic values exceeding the full amount of their claim;
2. neither a creditor with a lower-ranking claim than the creditors forming his or her group who would have to be satisfied without a plan, nor the debtor nor a person with a participating interest receives an economic value which is not fully compensated for by way of performance in the debtor’s assets; and
3. no creditor to be satisfied on an equal footing with the creditors forming his or her group without a plan receives an advantage over such creditors.
If the debtor is a natural person whose involvement in continuing the enterprise is essential, on account of specific characteristics inherent to that debtor, in order to be able to realise the value added set out in the plan and the debtor has undertaken, in the plan, to continue the enterprise and to transfer the economic values which he or she obtains or holds upon such involvement ending, for reasons within his or her responsibility, before five years have elapsed or before the end of a shorter period provided for in respect of enforcement of the plan, then appropriate participation by the group of creditors may also exist if the debtor, in derogation from sentence 1 no. 2, obtains economic values. Sentence 2 applies accordingly to owners of share or membership rights who are part of the management.
(2a) If the majority required to form a group as per section 222 (1) sentence 2 no. 5 is not achieved, then subsections (1) and (2) apply to that group only if the compensation provided for in respect of the interference appropriately compensates the holders of the rights resulting from the intra-group third-party guarantee for the loss of rights suffered.
(3) For the purpose of subsection (1) no. 2, a reasonable participation of a group of shareholders exists if, under the plan,
1. no creditor receives economic benefits exceeding the full amount of their claim and
2. no shareholder who would be equal in rank to the shareholders in the group if no plan were drawn up is better placed than they are.